Next Step is for full ASTM Approval
ENGLEWOOD, Colo., April 02, 2018 (GLOBE NEWSWIRE) -- Gevo, Inc. (NASDAQ:GEVO) announced today that late last week an ASTM International Sub-Committee voted in favor of revising specification D7566 (Standard Specification for Aviation Turbine Fuel Containing Synthesized Hydrocarbons) to (i) include ethanol in addition to isobutanol; and (ii) more importantly, increase the approved blend levels from 30% to 50% (percentage of alcohol-to-jet fuel (ATJ) allowed when blended with petro-based jet fuel). These revisions to the D7566 specification (the “ASTM Revisions”) will now go to the full ASTM International for final approval which is expected later this year.
“Gevo’s proprietary ATJ process technology applies to ethanol as well as isobutanol. At Gevo, we appreciate the optionality that is created by adding ethanol to the list of acceptable feedstocks for ATJ. Our demonstration plant located at South Hampton Resources in Silsbee, TX has the unit operations already installed to convert ethanol into jet fuel, however to date we have been producing higher value added products from Silsbee. That said, our ATJ technology could leverage certain, already installed ethanol capacity, depending on the GHG footprint, such as our Luverne Plant, and only require a buildout of the hydrocarbon section of the plant. Our Luverne Plant uses documented ‘low carbon corn,’ and that puts the Luverne Plant in the position of being able to take advantage of isobutanol and/or ethanol to ATJ as we build out the Luverne Plant for hydrocarbons,” said Dr. Patrick Gruber, Gevo’s Chief Executive Officer.
“We are pleased that the ATJ blend levels were approved by the ASTM Sub-Committee to move to 50% up from 30%. This will be important in the future as the airline industry tries to meet its greenhouse gas reduction goals,” continued Dr. Gruber.
Gevo is a leading renewable technology, chemical products, and next generation biofuels company. Gevo has developed proprietary technology that uses a combination of synthetic biology, metabolic engineering, chemistry and chemical engineering to focus primarily on the production of isobutanol, as well as related products from renewable feedstocks. Gevo’s strategy is to commercialize bio-based alternatives to petroleum-based products to allow for the optimization of fermentation facilities’ assets, with the ultimate goal of maximizing cash flows from the operation of those assets. Gevo produces isobutanol, ethanol and high-value animal feed at its fermentation plant in Luverne, MN. Gevo has also developed technology to produce hydrocarbon products from renewable alcohols. Gevo currently operates a biorefinery in Silsbee, TX, in collaboration with South Hampton Resources Inc., to produce renewable jet fuel, octane, and ingredients for plastics like polyester. Gevo is committed to a sustainable bio-based economy that meets society’s needs for plentiful food and clean air and water. Learn more at our website: www.gevo.com.
Certain statements in this press release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to a variety of matters, including, without limitation, statements related to the timing of the final approval of the ASTM Revisions, the benefits to Gevo associated with the ASTM Revisions, and other statements that are not purely statements of historical fact. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of the management of Gevo and are subject to significant risks and uncertainty. Investors are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and Gevo undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Although Gevo believes that the expectations reflected in these forward-looking statements are reasonable, these statements involve many risks and uncertainties that may cause actual results to differ materially from what may be expressed or implied in these forward-looking statements. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Gevo in general, see the risk disclosures in the Annual Report on Form 10-K of Gevo for the year ended December 31, 2017, as amended, and in subsequent reports on Forms 10-Q and 8-K and other filings made with the U.S. Securities and Exchange Commission by Gevo.
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